Bitcoin Climbs 4.5% to $71,000 as Oil Futures Fall 0.8%
Bitcoin rose 4.5% to reclaim $71,000 after reports that Iran contacted US officials about ending the Middle East conflict sent oil futures down 0.8%. Enhanced risk appetite drove crypto derivatives activity, with Cboe call volume reaching 1.8 million contracts and Coinbase pre-market shares jumping 7.1%.
1. Geopolitical Developments Ease Tensions
Reports of Iran contacting US officials to discuss ending the Middle East conflict reduced regional risk perceptions, supported by presidential assurances of tanker insurance and naval escort in the Strait of Hormuz.
2. Oil Futures Dip on Conflict Resolution Talks
Front-month crude oil futures declined 0.8% as eased geopolitical tensions lowered concerns over Persian Gulf supply disruptions.
3. Bitcoin Rebounds Above $71,000
The flagship cryptocurrency surged 4.5% to trade above $71,000, recovering from recent pullbacks and marking its strongest session in weeks.
4. Derivatives Activity Surges
Cboe recorded 1.8 million call contracts and 1.3 million put contracts, lifting the single-session put/call ratio to 0.72, while Coinbase shares jumped 7.1% in pre-market trading.